Egypt’s second-biggest property developer, Palm Hills Developments (PHD) has said the firm’s chief investment officer, Tarek Abdel Rahman, has been promoted to the position of co-chief executive officer with immediate effect, Reuters has reported. The move follows US private equity firm Ripplewood’s acquisition of a 2.3% stake in PHD last month, highlighting international appetite for Egyptian real estate. Abdel Rahman will join PHD’s CEO Mohamed Ahmed Sultan, who has been in his position since 2011.